In November, Apple announced plans to spend $ 2.5 billion to fight the California housing crisis. Today, the Housing Trust Silicon Valleyannounced the launch of Apple Affordable Housing Fund funded by a $ 150 million investment from Apple.
Apple has pledged $ 1 billion in affordable real estate investments, $ 1 billion in mortgage assistance for first-time buyers, and $ 300 million in land for affordable housing projects.
With the $ 150 million provided by Apple, the Silicon Valley Housing Trust will build cheaper accommodation in the Bay Areathanks to ready agreements from qualified people working on projects that require unique and flexible capital to pass the construction phase.
Today's announcement shows what our region can achieve when we combine large investments, skills and opportunities in the affordable housing sector with the proven financial models led by the Silicon Valley Housing Trust said Amie Fishman, executive director of the Northern California nonprofit. This fund will inspire innovative solutions from across the bay region and we look forward to seeing the solutions that our economic housing sector offers to advance .
All housing developed with the Apple Affordable Housing Fund will have long-term accessibility restrictions. In addition, they will help individuals and families with low incomes up to 120% of the region's average income.
Real estate prices in California, particularly in the Bay Area where Apple operates, have skyrocketed in recent years. It is one of the most expensive places to live in the United States. For this reason, in recent years, many local families have been forced to abandon their homes. Apple, in collaboration with local associations, is trying to partially solve this problem.